bluebird bio Announces Definitive Agreement to be Acquired by Carlyle and SK Capital
bluebird bio (NASDAQ: BLUE) has announced a definitive agreement to be acquired by Carlyle and SK Capital Partners. Under the deal terms, stockholders will receive $3.00 per share in cash plus a contingent value right of $6.84 per share, payable if the company achieves $600 million in net sales within any 12-month period ending by December 31, 2027.
The transaction comes after bluebird's Board conducted a comprehensive review of strategic alternatives, meeting with over 70 potential investors. The Board determined this was the only viable solution following financial challenges and a third FDA denial of their priority review voucher, with the company at risk of defaulting on loan covenants.
David Meek, former CEO of Mirati Therapeutics and Ipsen, will become CEO upon closing. The deal, expected to close in first half of 2025, will take bluebird private and aims to scale their commercial delivery of gene therapies for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
bluebird bio (NASDAQ: BLUE) ha annunciato un accordo definitivo per essere acquisita da Carlyle e SK Capital Partners. Secondo i termini dell'accordo, gli azionisti riceveranno 3,00 dollari per azione in contanti più un diritto di valore contingente di 6,84 dollari per azione, pagabile se l'azienda raggiunge 600 milioni di dollari di vendite nette entro un periodo di 12 mesi che termina entro il 31 dicembre 2027.
La transazione arriva dopo che il Consiglio di bluebird ha condotto una revisione completa delle alternative strategiche, incontrando oltre 70 potenziali investitori. Il Consiglio ha determinato che questa era l'unica soluzione praticabile dopo le difficoltà finanziarie e un terzo rifiuto da parte della FDA del loro voucher per la revisione prioritaria, con l'azienda a rischio di inadempimento dei covenant di prestito.
David Meek, ex CEO di Mirati Therapeutics e Ipsen, diventerà CEO al momento della chiusura. L'accordo, che dovrebbe chiudersi nella prima metà del 2025, porterà bluebird a diventare un'azienda privata e mira a scalare la loro offerta commerciale di terapie geniche per la malattia delle cellule falciformi, la β-talassemia e l'adrenoleucodistrofia cerebrale.
bluebird bio (NASDAQ: BLUE) ha anunciado un acuerdo definitivo para ser adquirida por Carlyle y SK Capital Partners. Según los términos del acuerdo, los accionistas recibirán 3,00 dólares por acción en efectivo más un derecho de valor contingente de 6,84 dólares por acción, pagadero si la empresa logra 600 millones de dólares en ventas netas dentro de un período de 12 meses que finalice el 31 de diciembre de 2027.
La transacción se produce después de que la Junta de bluebird realizara una revisión completa de alternativas estratégicas, reuniéndose con más de 70 inversores potenciales. La Junta determinó que esta era la única solución viable tras desafíos financieros y un tercer rechazo de la FDA de su voucher de revisión prioritaria, con la empresa en riesgo de incumplimiento de los convenios de préstamo.
David Meek, ex CEO de Mirati Therapeutics e Ipsen, se convertirá en CEO al cierre. Se espera que el acuerdo se cierre en la primera mitad de 2025, llevando a bluebird a ser una empresa privada y con el objetivo de escalar su entrega comercial de terapias génicas para la enfermedad de células falciformes, la β-talasemia y la adrenoleucodistrofia cerebral.
bluebird bio (NASDAQ: BLUE)는 Carlyle과 SK Capital Partners에 인수되기 위한 최종 계약을 발표했습니다. 계약 조건에 따라 주주들은 주당 3.00달러의 현금과 주당 6.84달러의 조건부 가치권을 받게 되며, 이는 회사가 2027년 12월 31일로 종료되는 12개월 기간 내에 6억 달러의 순매출을 달성할 경우 지급됩니다.
이번 거래는 bluebird의 이사회가 70명 이상의 잠재 투자자와 회의하여 전략적 대안을 종합적으로 검토한 후 이루어졌습니다. 이사회는 재정적 어려움과 FDA의 우선 심사 바우처에 대한 세 번째 거부 이후 이 방법이 유일한 실행 가능한 해결책이라고 판단했습니다. 이로 인해 회사는 대출 계약을 위반할 위험에 처해 있었습니다.
David Meek, Mirati Therapeutics 및 Ipsen의 전 CEO가 인수 완료 후 CEO가 됩니다. 이번 거래는 2025년 상반기 중에 마무리될 것으로 예상되며, bluebird를 비상장 회사로 만들고 겸상 적혈구병, β-탈라세미아 및 뇌 아드레노백질병에 대한 유전자 치료의 상업적 제공을 확대하는 것을 목표로 하고 있습니다.
bluebird bio (NASDAQ: BLUE) a annoncé un accord définitif pour être acquis par Carlyle et SK Capital Partners. Selon les termes de l'accord, les actionnaires recevront 3,00 dollars par action en espèces ainsi qu'un droit de valeur conditionnel de 6,84 dollars par action, payable si la société atteint 600 millions de dollars de ventes nettes dans une période de 12 mois se terminant le 31 décembre 2027.
La transaction intervient après que le conseil d'administration de bluebird a mené un examen complet des alternatives stratégiques, rencontrant plus de 70 investisseurs potentiels. Le conseil a déterminé que c'était la seule solution viable après des défis financiers et un troisième refus de la FDA de leur bon de révision prioritaire, l'entreprise étant à risque de défaut sur les engagements de prêt.
David Meek, ancien PDG de Mirati Therapeutics et Ipsen, deviendra PDG lors de la clôture. L'accord, qui devrait être finalisé dans la première moitié de 2025, rendra bluebird privé et vise à étendre leur offre commerciale de thérapies géniques pour la drépanocytose, la β-thalassémie et l'adrenoleucodystrophie cérébrale.
bluebird bio (NASDAQ: BLUE) hat eine endgültige Vereinbarung zur Übernahme durch Carlyle und SK Capital Partners bekannt gegeben. Laut den Bedingungen des Deals erhalten die Aktionäre 3,00 US-Dollar pro Aktie in bar sowie ein bedingtes Wertrecht von 6,84 US-Dollar pro Aktie, das zahlbar ist, wenn das Unternehmen innerhalb eines 12-Monats-Zeitraums bis zum 31. Dezember 2027 600 Millionen US-Dollar Nettoumsatz erreicht.
Die Transaktion erfolgt, nachdem der Vorstand von bluebird eine umfassende Überprüfung strategischer Alternativen durchgeführt und sich mit über 70 potenziellen Investoren getroffen hat. Der Vorstand kam zu dem Schluss, dass dies die einzige tragfähige Lösung nach finanziellen Herausforderungen und einer dritten Ablehnung der FDA für ihren Prioritätsprüfungsantrag war, wobei das Unternehmen Gefahr lief, gegen Kreditklauseln zu verstoßen.
David Meek, ehemaliger CEO von Mirati Therapeutics und Ipsen, wird nach dem Abschluss CEO. Der Deal, der voraussichtlich in der ersten Hälfte von 2025 abgeschlossen wird, wird bluebird privat machen und zielt darauf ab, ihre kommerzielle Bereitstellung von Gentherapien für Sichelzellenanämie, β-Thalassämie und zerebrale Adrenoleukodystrophie zu skalieren.
- Potential total value of $9.84 per share for stockholders if sales milestone is achieved
- Immediate cash payment of $3.00 per share
- Strategic investment to scale commercial delivery of gene therapies
- Amendments to loan agreement with Hercules Capital to maintain operations through closing
- Company at risk of defaulting on loan covenants
- Third and final FDA denial of priority review voucher
- Significant financial challenges requiring immediate capital infusion
- High sales milestone of $600M needed to receive contingent payment
Insights
This acquisition represents a critical lifeline for bluebird bio, which was facing imminent financial distress and potential loan covenant defaults. The deal structure offers
The CVR structure is particularly noteworthy as it transfers significant risk to shareholders while providing potential upside participation. Historical gene therapy sales trajectories suggest the
The extensive strategic review process, involving over 70 potential partners, combined with the FDA's final denial of the priority review voucher, indicates severely alternatives. The board's unanimous approval and recommendation suggest this was likely the best achievable outcome given the company's deteriorating financial position.
The involvement of Carlyle and SK Capital brings significant advantages beyond capital injection. Both firms have extensive healthcare and life sciences expertise, particularly in operational turnarounds and commercial scaling. The appointment of David Meek, with his successful track record at Mirati Therapeutics and Ipsen, signals a strong focus on commercial execution - critical for achieving the CVR milestone.
For current shareholders, this deal presents a binary outcome: either accept a substantial immediate loss with the
bluebird stockholders to receive
bluebird’s Board of Directors determined this transaction is in the best interest of stockholders following a comprehensive review of strategic alternatives
Under the terms of the agreement, bluebird stockholders will receive
“For more than a decade, bluebird has been at the forefront of gene therapy, delivering groundbreaking treatments to patients facing life-threatening genetic diseases,” said Andrew Obenshain, current CEO of bluebird. “However, as our financial challenges mounted, it became clear that securing the right strategic partner was critical to maximizing value for our stockholders and ensuring the long-term future of our therapies. After an extensive review process, this acquisition represents the best path forward – maximizing value for stockholders and bringing significant capital, commercial expertise, and a commitment to provide more patients the opportunity to benefit from potentially transformative gene therapies.”
David Meek commented, “bluebird is built on an extraordinary legacy of scientific breakthroughs, and we are committed to unlocking its full potential for patients. With the backing of
“Carlyle’s healthcare and Abingworth teams have significant experience investing in biopharma and are excited about what lies ahead for bluebird. We look forward to working with David and SK Capital to drive bluebird’s future growth and mission of delivering its therapies to improve patient outcomes,” said Joe Bress, Carlyle Partner and Global Co-Head of Healthcare. Bali Muralidhar, Partner and Chief Investment Officer & COO of Abingworth, Carlyle’s life sciences investment franchise, added, “Over the past decade, we have tracked and been impressed by bluebird’s success in researching and developing breakthrough gene therapies for large, unmet medical needs. Joining forces with
Aaron
Transaction Details
Under the terms of the agreement, bluebird stockholders will receive
The transaction is expected to close in the first half of 2025, subject to the tender of a majority of the outstanding shares of bluebird, receipt of applicable regulatory approvals, and other customary closing conditions. bluebird has also entered into amendments to its loan agreement with Hercules Capital, Inc. to facilitate adequate liquidity to position it to maintain operations through the closing.
Upon completion of the transaction, bluebird will become a privately held company, and shares of bluebird common stock will no longer be listed on any public market.
Leerink Partners is acting as bluebird’s financial advisor, and Latham & Watkins LLP is serving as legal counsel to bluebird. Bourne Partners is acting as financial advisor to
About bluebird bio, Inc.
Founded in 2010, bluebird has been setting the standard for gene therapy for more than a decade—first as a scientific pioneer and now as a commercial leader. bluebird has an unrivaled track record in bringing the promise of gene therapy out of clinical studies and into the real-world setting, having secured FDA approvals for three therapies in under two years. Today, we are proving and scaling the commercial model for gene therapy and delivering innovative solutions for access to patients, providers, and payers.
With a dedicated focus on severe genetic diseases, bluebird has the largest and deepest ex-vivo gene therapy data set in the field, with industry-leading programs for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy. We custom design each of our therapies to address the underlying cause of disease and have developed in-depth and effective analytical methods to understand the safety of our lentiviral vector technologies and drive the field of gene therapy forward.
bluebird continues to forge new paths as a standalone commercial gene therapy company, combining our real-world experience with a deep commitment to patient communities and a people-centric culture that attracts and grows a diverse flock of dedicated birds.
About
About SK Capital
SK Capital is a transformational private investment firm with a disciplined focus on the life sciences, specialty materials, and ingredients sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately
Additional Information and Where to Find It
The tender offer in connection with the transaction described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of bluebird. The solicitation and the offer to buy shares of bluebird’s common stock will only be made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials, that Beacon Parent Holdings, L.P. (“Parent”) and Beacon Merger Sub, Inc. (“Merger Sub”) intend to file with the SEC. In addition, bluebird will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by Parent, Merger Sub and bluebird with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by (i) bluebird under the “Investors & Media” section of bluebird’s website at www.bluebirdbio.com or (ii) by Parent and Merger Sub by calling Innisfree M&A Incorporated, the information agent for the Offer, toll-free at (877) 825-8793 for stockholders or by calling collect at (212) 750-5833 for banks or brokers.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF BLUEBIRD AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.
Forward-Looking Statements
The statements included above that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to, statements regarding beliefs about the potential benefits of the transaction; the considerations taken into account and the determination by the Board in approving the transaction; the planned completion and timing of the transactions contemplated by the Agreement and Plan of Merger, dated as of February 21, 2025 (the “Merger Agreement”), by and among bluebird, Parent and Merger Sub; and the prospective performance and outlook of the surviving company’s business, performance, and opportunities. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of bluebird stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to bluebird’s liquidity during the pendency of the tender offer and the merger or in the event of a termination of the Merger Agreement; the risk that the milestone related to the contingent value rights is not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from bluebird’s ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; and other risks and uncertainties pertaining to bluebird’s business, including the risks and uncertainties detailed in bluebird’s public periodic filings with the SEC, as well as the tender offer materials to be filed by Parent and Merger Sub and the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by bluebird in connection with the tender offer.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and bluebird undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250221469479/en/
Investors & Media Contacts
Bluebird
Investors:
Courtney O’Leary
978-621-7347
coleary@bluebirdbio.com
Media:
Jess Rowlands
857-299-6103
jess.rowlands@bluebirdbio.com
Media:
Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com
SK Capital
Ben Dillon
+1(646)-278-1353
bdillon@skcapitalpartners.com
Source: bluebird bio, Inc.
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